TransferWise, a service that allows you to send money to people in other countries at a much lower cost than through banks, will soon support Apple Pay in the USA and elsewhere.
Customers will no longer have to enter bank account or payment card details, but will instead be able to select Apple Pay as the source for the funds. The card linked to the Apple Pay account will then be debited …
TransferWise first supported Apple Pay in its home market in the UK, but Reuters reports that it’s now rolling out support to Australia, France, Ireland, Italy, Spain, Switzerland and the US.
TransferWise offers person-to-person currency transfers at the market rate – close to that seen if you ask Google to convert a currency – instead of the marked-up rates typically charged by banks. It makes its money from a small fee which is shown in advance and which usually results in a significantly lower transaction cost.
Although not well-known outside the UK, TransferWise has strong credentials. Its backers include Virgin founder Richard Branson and PayPal founder Max Levchin, and it currently handles more than $1.2B in monthly transfers.
The company says that its UK pilot resulted in more than 10% of transactions on Apple devices being funded by Apple Pay.
The move follows a similar one by rival money transfer service Western Union, which started offering Apple Pay support to its U.S. customers back in April.
Apple Pay continues its own international rollout, most recently expanding to new banks across the United States, Italy, Russia, the UK and China – the latter country the target of a major promotional campaign.